I live in California and purchased a rental property in Texas.
The home was purchased in November 17, but was listed in December 17. I'm adding the expenses and assets to TurboTax and had a few questions I would love to get some help on:
Sorry for the slew of questions, I am very new to this. Help on any of these questions would be appreciated! Thanks!
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1) Can I deduct property taxes from November 17 to end of year or only from December 17 to the end of year? You can take the property tax amount prior to placing the property in service on Schedule A. Once it is placed in service, it is entered on Schedule E.
2) I added mortgage points to intangible assets. No, these are not Section 179. Enter the asst as 'new', then select code 163.
3) Yes, if this was part of advertising for a tenant.
4) If you replaced the HVAC prior to placing the property in service, add it to the basis of the property and depreciate them both as one asset.
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